Western

Joint Venture Sells Rio West Business Park in Tempe for $63.3M

by Amy Works February 21, 2019

TEMPE, ARIZ. — A joint venture between the principals of Scottsdale, Ariz.-based The Wolff Co. and Seattle-based Leavitt Capital Cos. has completed the sale of Rio West Business Park, an office campus located at 1621-2021 W. Rio Salado Parkway in Tempe. A fund managed by Los Angeles-based Oaktree Capital Management acquired the asset for $63.3 million. Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. The five-building Rio West Business Park features 296,663 square feet of office space. At the time of sale the property was fully leased, with American Airlines occupying four of the five buildings.

February 21, 2019

California Loans Mixed-Use Office Retail Western

HFF Secures $17.6M Acquisition Loan for Mixed-Use Building in Santa Monica, California

by Amy Works February 21, 2019

SANTA MONICA, CALIF. — HFF has secured a $17.6 million acquisition loan for a mixed-use building, located at 1404-1408 Third St. in Santa Monica. The borrower is Blatteis & Schnur. Marc Schillinger and Paul Brindley of HFF arranged the floating-rate loan with a debt fund as the lender. Upon expiration of existing leasing and attainment of entitlements Blatteis & Schnur has plans to develop a new building on the site. The mixed-use building totals 14,584 square feet of two-story creative office space and ground-floor retail space, which is occupied by Lush and Chilli Beans.

February 21, 2019

Acquisitions California Multifamily Western

IPA Brokers $19.5M Sale of 98-Unit Villa Capri Apartment Asset in Escondido, California

by Amy Works February 21, 2019

ESCONDIDO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villa Capri, a multifamily property in Escondido. VCA Co. sold the property to 902 Washington for $19.2 million. Completed in 1971, Villa Capri features 11 one- and two-story buildings offering a total of 98 apartment units. Christopher Zorbas and Austin Huffman of The Zorbas Group of Marcus & Millichap’s San Diego office represented the seller and procured the buyer in the transaction.

February 21, 2019

Arizona Loans Multifamily Seniors Housing Western

Hunt Real Estate Capital Funds $7M Acquisition Loan for Memory Care Property in Phoenix

by Amy Works February 21, 2019

PHOENIX — Hunt Real Estate Capital has provided a $7 million bridge loan for the acquisition of Hawthorne Court at Ahwatukee, a seniors housing property located in the Ahwatukee area of Phoenix. The borrower is a joint venture partnership between Pasadena, Calif.-based CALCAP Real Estate Advisors and Greg Roderick, president and CEO of Frontier Management. Brady Johnson, Kathryn Burton Gary and Michael Jones of Hunt Real Estate Capital originated the 24-month loan, which features interest-only payments for the entire term. Built in 2000 and renovated in 2016, Hawthorne Court features 44 memory-care units in a mix of private and semi-private rooms, all with private bathrooms. On-site amenities include an outdoor courtyard and patio, dining room, lounge area, activity room, beauty salon and open-concept sitting space. The seller was Senior Resource Group, represented by Blueprint Healthcare Real Estate Advisors.

February 21, 2019

Acquisitions Multifamily Washington Western

Starboard Realty Advisors Acquires 56-Unit Madison View Apartments in Seattle

by Amy Works February 21, 2019

SEATTLE — Starboard Realty Advisors has purchased Madison View Apartments, a multifamily property located near the Capitol Hill neighborhood of Seattle, for an undisclosed price. Originally built in 1912 and renovated in 2018, the building features 56 units, including eight micro-units, with modern finishes, a community courtyard with fire pit and balconies with views of Lake Washington in select units. The renovations includes stainless steel appliances, quartz countertops, new cabinets, modern fixture, vinyl plank flooring, LED lighting and a bar top in most kitchens. Jerrid Anderson and Dylan Simon of Colliers International represented the undisclosed seller in the deal.

February 21, 2019

Features Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Paul Ryan: Positive Reforms Will Come to Seniors Housing, but Slowly

by David Cohen February 21, 2019

SAN DIEGO — Politics may slow down progress, but positive changes are on their way to the seniors housing industry and U.S. healthcare system, according to former Speaker of the House of Representatives Paul Ryan. Ryan’s comments during the opening general session Feb. 21 at the National Investment Center for Seniors Housing & Care (NIC) 2019 Spring Conference. The event drew nearly 1,700 seniors housing professionals to the Hilton San Diego Bayfront. Ryan, a Wisconsin Republican, gave a speech before sitting down for a discussion with moderator John Kelliher, managing director of Berkeley Resource Group. Ryan identified Kelliher as a long-time friend with a deep background in legislation, law and the military. The event was Ryan’s first speech since retiring from his political office six weeks prior. “We’ve got a lot of work to do because we are not ready for the baby boomer generation,” Ryan said regarding seniors housing. Ryan identified the top political challenges facing the seniors housing industry as healthcare reform, immigration reform and entitlements such as Medicare, Medicaid and Social Security. Facing the labor shortage Ryan said low unemployment is good for the economy as a whole, but creates struggles for business owners who simply can’t …

February 21, 2019

Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Hunt: Evolution is the Solution to Today’s Lending Success

by Jaime Lackey February 21, 2019

Chad Thomas Hagwood, senior managing director and Southeast regional manager at Hunt Real Estate Capital, believes times are changing. Hagwood asserts a change in perception is what originally made multifamily such a popular investment years ago. He believes another change is necessary to address our nation’s housing and affordability crises. Hagwood sees manufactured housing as being a partial solution to these challenges. Like the broader multifamily market, this specialty product has suffered from an image problem in the past. While lenders have been willing, borrowers haven’t always been sold on the product. Hagwood is confident that the industry will come around, however, as increased competition leads to creativity — and an opportunity may be staring investors right in the face. Watch the video to hear more about Hagwood’s predictions for 2019.

February 21, 2019

California Development Retail Western

Pacific Retail Capital, J.P. Morgan Plan $20M Renovation to Paseo Nuevo in Santa Barbara

by Amy Works February 20, 2019

SANTA BARBARA, CALIF. — Pacific Retail Capital Partners and J.P. Morgan Asset Management have announced a $20 million renovation program for Paseo Nuevo, a 458,000-square-foot outdoor shopping destination in Santa Barbara. Slated to begin in early 2019, the first phase of redevelopment will include revamping existing portions of the center, creating districts within the property’s footprint and working closing with the Santa Barbara County Office of Arts & Culture to implement an art program. Upon completion, the community will include upgraded shopping and entertainment areas, as well as interactive community spaces featuring group games, charging stations and gathering spots. The second phase involves the repurposing of the newly appointed Ortega Building — previously home to Macy’s. The adaptive reuse project will convert the former department store into a vibrant complex supporting community and commerce.

February 20, 2019

StoneCreek-Flying-Horse-Colorado-Springs-CO

Colorado Development Multifamily Seniors Housing Western

Civitas, StoneCreek to Build 115,000 SF Seniors Housing Community in Colorado Springs

by Amy Works February 20, 2019

COLORADO SPRINGS, COLO. — Civitas Senior Living, a senior living management company, and StoneCreek Real Estate Partners, a senior living developer, have announced plans for StoneCreek of Flying Horse, an upscale senior living community in Colorado Springs. This will be the fifth collaboration between the two companies. The 115,000-square-foot project will feature nine detached villas and 16 flats for independent living, 73 assisted living apartments, and 16 memory care residences. The community will be located in the master-planned Flying Horse neighborhood near the United States Air Force Academy with views of Pikes Peak. The official groundbreaking for StoneCreek of Flying Horse is scheduled for March 2019, with construction expected to begin April 1. Completion is anticipated in either late spring or early summer of 2020. This community is a joint venture for the two companies, with StoneCreek Real Estate Partners as the developer and Civitas Senior Living as the management company. Other project partners include D2 Architecture, Brinkmann Constructors and Senior By Design will provide the interior and exterior design.

February 20, 2019

Development Multifamily Student Housing Utah Western

Joint Ventures Breaks Ground on 1,605-Bed Student Housing Community Near Utah Valley University

by Amy Works February 20, 2019

OREM, UTAH — A joint venture between PEG Cos. and Woodbury Corp. has broken ground on The Green on Campus Drive near Utah Valley University in Orem. The five-building community will offer 1,605 beds and feature a pedestrian tunnel for direct, walkable access to campus. Phase I of development will include the construction of the first three buildings, set to open in fall 2020. The remaining two buildings are scheduled to open in fall 2021. R&O Construction is the general contractor for the project, which Humphreys & Partners Architects designed.

February 20, 2019

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